Chainlink Tests Critical $14.60 Support as LINK Price Drops 3.9% Amid Crypto Market Weakness
Lawrence Jengar Nov 13, 2025 18:08
LINK price falls to $14.67, testing key support levels as technical indicators signal oversold conditions while broader crypto markets decline alongside Bitcoin weakness.
Quick Take
• LINK trading at $14.67 (down 3.9% in 24h) • Testing critical $14.60 support level with potential for deeper correction • RSI at 37.36 suggests oversold conditions developing • Following Bitcoin's decline as correlation remains strong
Market Events Driving Chainlink Price Movement
Trading on technical factors in the absence of major catalysts, Chainlink has declined 3.93% over the past 24 hours as LINK price action mirrors broader cryptocurrency market weakness. No significant news events have emerged in the past 48 hours to drive fundamental price movement, leaving technical factors and market sentiment as the primary drivers.
The current selloff appears to be part of a broader risk-off sentiment affecting digital assets, with LINK following Bitcoin's downward trajectory. Trading volume on Binance spot reached $70.18 million, indicating moderate institutional interest despite the price decline. The absence of company-specific catalysts suggests this move is more about market positioning than fundamental concerns about Chainlink's oracle network adoption.
LINK Technical Analysis: Testing Lower Bollinger Band Support
Price Action Context
LINK price is currently trading near the lower Bollinger Band at $13.78, with the current price of $14.67 representing a 17% discount from the middle band (20-day SMA) at $16.40. This positioning indicates significant downward pressure, though historical patterns suggest this level often provides technical support for potential bounces.
The token is trading below all major moving averages, with the 7-day SMA at $15.53 providing immediate resistance. Volume patterns from Binance spot data show increased selling pressure, though not at panic levels that would suggest capitulation.
Key Technical Indicators
The RSI reading of 37.36 places Chainlink technical analysis in neutral territory but approaching oversold conditions below 30. This suggests potential for a technical bounce if broader market conditions stabilize. The MACD histogram shows a slight positive divergence at 0.0180, indicating bullish momentum may be building despite the recent price decline.
Stochastic indicators with %K at 24.69 and %D at 29.14 confirm oversold momentum, typically preceding short-term reversals in trending markets. The daily ATR of $1.40 suggests normal volatility levels, indicating this decline is orderly rather than panic-driven.
Critical Price Levels for Chainlink Traders
Immediate Levels (24-48 hours)
• Resistance: $15.53 (7-day moving average and previous support turned resistance) • Support: $13.69 (immediate technical support from recent trading range)
Breakout/Breakdown Scenarios
A break below $13.69 support could trigger further selling toward the strong support zone at $7.90, representing a significant 46% decline from current levels. Conversely, reclaiming $15.53 resistance would target the 20-day SMA at $16.40, offering a 12% upside opportunity for short-term traders.
The key inflection point remains the $14.60 low established in today's trading session, which aligns closely with the lower Bollinger Band support.
LINK Correlation Analysis
Bitcoin's concurrent weakness continues to drive LINK price action, with the correlation remaining elevated as institutional traders treat both assets similarly in risk-on/risk-off positioning. Traditional markets have shown mixed signals, though crypto assets appear to be trading more on their own technical merit rather than following equity market leads.
Compared to other oracle tokens and DeFi infrastructure plays, Chainlink is performing in line with sector averages, suggesting no token-specific concerns are driving the current weakness.
Trading Outlook: Chainlink Near-Term Prospects
Bullish Case
A successful test of current support levels around $13.69-$14.60 could establish a higher low structure, particularly if Bitcoin stabilizes above key support levels. Oversold RSI conditions and positive MACD divergence support potential for a technical bounce toward $16.40 resistance.
Bearish Case
Failure to hold $13.69 support opens the door to deeper correction toward $12.50-$13.00, where the next significant demand zone exists. Continued Bitcoin weakness or broader crypto market deleveraging could pressure LINK price toward the strong support at $7.90.
Risk Management
Current volatility suggests stop-losses below $13.50 for long positions, while short-term traders should consider position sizing at 50% of normal allocation given the elevated daily ATR. The 4% daily decline represents normal correction territory rather than extreme movement requiring immediate action.
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